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ECON 203 Part II

Part II:  Very short answer.  Each numbered question or lettered sub-question is worth the same amount as a multiple choice question or explanation.

Refer to the diagram below for questions 9-12 (continued on the next page.)  This diagram represents the cost structure for a single perfectly competitive firm. 

15.       A) At a price of P3, what quantity will the firm produce?  Why?

            B) Are they making a profit? 

            C) What will happen in the long run?

16.       A) At a price of P3, what quantity will the firm produce?  Why?

            B) Are they making a profit? 

            C) What will happen in the long run?

Use the diagram below represents a portion of the cost and revenue structure of an individual firm.  Us this to answer question 23.

  1. A) What is the firm’s optimal output quantity (g or h)? 
  • How does it decide to produce this amount? 
  • At what price (d, e or f) will the firm sell its product? 
  • Is this a competitive market?  Explain.

Use the following data from a small entrepreneurial manufacturing firm to answer questions 24-26.

Entrepreneur’s potential earnings as a salaried worker = $65,031

Annual lease on building = $34,082

Annual revenue from operations = $290,064

Payments to workers = $160,003

Utilities (electricity, water, disposal) costs = $8,097

Entrepreneur’s potential economic profit from the next best entrepreneurial activity = $80,106

Entrepreneur’s forgone interest on personal funds used to finance the business = $6,219

  1. What are the entrepreneur’s explicit costs?
  1. What are the entrepreneur’s implicit costs?

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